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Global IoT Security Market to Hit $464 Mn in 2020

Global IoT Security Market is expected to reach USD 464 Million in 2020

Deerfield Beach, FL -- (SBWIRE) -- 04/24/2017 -- According to the report, global IoT security market was valued at USD 55.6 million in 2014 and is expected to reach USD 464 million in 2020, growing at a CAGR of 42.4% between 2015 and 2020.

Zion Market Research has published a new report titled "IoT Security Market for Utilities, Automotive, Healthcare and Other End-users: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 - 2020".

IoT security is related to the activity of protection of connected devices. It associates with wide area of networks in internet of things. The "Internet of Things" is a physical and technological concept which is flying over the market in recent days. As this era is all about technology and computerization, this concept drives the market extreme and most of the industries are getting involved in it dedicatedly. These devices are intelligent devices which take the further step and recognize other gadgets or devices present in the surrounding. The Internet of Things is advanced from the union of wireless technologies, internet protocols, and micro-electromechanical systems.

The IoT security helps to keep effective data carried by network confidential and more secured. This effective data transmission using IoT is used by various activities, enterprises, retail stores, manufacturing industries and hospitals. Some other applications that may contribute to the Internet of Things include the traffic cameras that may transfer the information of an accident on the road quickly to the police. Rise in use of IoT companies and connected devices also helps to grow the IoT security market. The need for a secure, relaxed, and convenient lifestyle among people has been leading to the fast development of the IoT security market globally.

On the basis of application, global IoT security market is segmented into the different application areas such as utility or services, automotive, and healthcare etc. The utilities application segment dominated the global IoT security market, accounting for a 37.95% market share in 2014. Increasing demand of IoT use in vehicles resulted into significant share of automotive segment in global IoT security market. The healthcare segment was the third largest area of application of the global IoT security market. The others application segment include manufacturing, retail, and transportation etc.

On the basis of geography, global IoT security market has been segmented into regions such as Americas, EMEA, and Asia Pacific. America followed by EMEA and APAC was the leading region. Americas drives the IoT security market and accounted for the largest market share of 35.28% of global IoT security market in 2014. The IoT security market in Europe, North America, and APAC region is expected to grow at a rapid pace during the forecast period.